Japanese carmaker Nissan Motor’s CEO Hiroto Saikawa, who admitted to have being overpaid through an equity-linked remuneration scheme, will step down as the representative executive officer and the head of the company. This will mark the end of Saikawa’s 42-year-long tenure with Nissan Motor.

According to Japanese newswire Kyodo, a Nissan in-house probe found that he had received tens of millions of yen more than he should have through stock appreciation rights, other sources close to the matter said earlier. Saikawa has denied ordering the overpayment, saying, "I thought the procedures were handled properly and I didn't know (about the misconduct)." He said he will return the excess amount to the Japanese automaker.

Saikawa had indicated recently his willingness to resign. After discussion, the Board asked him to resign as representative executive officer and CEO of the company, effective September 16, and he accepted. Effective the same day, Nissan’s representative executive officer and COO, Yasuhiro Yamauchi, has been named as the acting CEO.

The carmaker says its Nomination Committee will accelerate its efforts to select a successor for the CEO position, with the goal of concluding the search by the end-October.